Daily Pivots: (S1) 1.2513; (P) 1.2589; (R1) 1.2628; More….
GBP/USD’s break of 1.2508 support argues that rebound from 1.2251 has completed at 1.2669. Intraday bias is turned back to the downside for 1.2251 first. Break will resume whole decline from 1.2813 to test 1.2065 key near term support. On the upside, however, above 1.2669 temporary will turn bias back to the upside for 1.2813 resistance instead.
In the bigger picture, while the rebound from 1.1409 is strong, there is not enough evidence for trend reversal yet. Down trend from 2.1161 (2007 high) should still resume sooner or later. However, decisive break of 1.3514 should at least confirm medium term bottoming and turn outlook bullish for 1.4376 resistance first.
